HomeReady Mortgage

Homebuyers must earn a maximum of 80% of the area median income (AMI) in the zip code they’re buying a home. You can check the income limit for your area using Fannie Mae’s lookup tool.

Borrowers may use gifts, grants, or a Community Second loan to cover their cash to close and their down-payment.

The HomeReady program is ideal for:

  • First-time or repeat buyers
  • Have a credit score of 620 or higher
  • Have limited cash for a down payment — but at least 3%
  • Earn a salary less than or equal to 80% of the area median income
  • Have supplemental income from a tenant
  • Cancellable mortgage insurance (restrictions apply); lower MI coverage (25% for LTVs >90% to 97%) compared with standard requirements
  • Innovative underwriting flexibilities expand access to credit responsibly. Flexibilities include rental and boarder income, as well as non-occupant borrowers, such as parents

Ready to apply?

Click to apply now and begin your home buying process.

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Need more guidance?

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Education & Certificate

Watch this video and complete the certificate for a $25 credit

Complete this course to earn your certificate.

Upload the certificate for $25 credit and begin your mortgage application.